Soybeans Rallying Double Digits
Midday bean futures are gaining as much as 13 cents with the board sitting at the high for the day. Soymeal futures are also 1.5% to 2.2% in the black so far. Soy oil futures are the complex’s weak link at midday with 17 to 22 point losses.
USDA’s weekly Export Inspections report had 1.326 MMT of soybean shipments for the week that ended 2/8. That is down from 1.75 MMT last week and compared to 1.69 MMT during the same week last year. The full year’s shipment is now 22.7% behind last year’s pace with 30.767 MMT shipped.
The BAGE (Argentine futures exchange in Buenos Aires) showed a decline in soybean condition ratings last week, to 31% good/ex. That compares to 16% a year ago. Patria Agronegocios reported harvest at 23.8% complete, compared to 17.4% at the same time last year. SAFRAS lowered their Brazilian soybean estimate a sharp 9 MMT, to 149 MMT.
Mar 24 Soybeans are at $11.95 3/4, up 12 1/4 cents,
Nearby Cash is at $11.43 1/2, up 12 1/4 cents,
May 24 Soybeans are at $12.01, up 11 cents,
Jul 24 Soybeans are at $12.10 1/4, up 10 1/2 cents,
On the date of publication, Alan Brugler did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.